By Tom McKeown

After the proposals were approved by clubs in February, new rules which will cap wages and limit losses are set to come into effect next season ahead of Uefa's new regulations

The Premier League have ratified the agreement over Financial Fair Play (FFP) regulations, Goal.com understands.

Chief executive Richard Scudamore was believed to be pressing for approval at a shareholders’ meeting on Thursday after club chairmen voted in favour of the proposals in February.

The earlier vote barely passed, however, with a two-thirds majority – required under Premier League rules – only reached through Reading’s decision to abstain.

Aston Villa, Fulham, Manchester City, Southampton, Swansea and West Brom are the clubs understood to have voted against the plans in February, but it appears the proposals have been given the go-ahead despite the “no” camp needing only one more vote.

Under Uefa rules, which come into effect from 2014-15, clubs have to minimise losses or face the possibility of being excluded from European competition, and Scudamore has confirmed any club breaking the Premier League’s agreed rules will face a points deduction.

The key points of the plans promise two major regulations which will limit players’ wage bills from next season and set a club loss limit of €123 million over three years.

The wage cap will start at €61m and increase by £4m each year to €70m in 2015-16, and only seven of the 20 current Premier League clubs are under that total at the moment.